NETHERLANDS: Wessanen posts 2009 losses
By: just-food.com | 25 February 2010
Dutch food group Wessanen this morning (25 February) reported a loss of EUR219.7m (US$296.1m) for 2009, a turbulent year for the Kallo rice cakes and Whole Earth organic food maker.
Over the last 12 months, Wessanen has faced issues with its debts, tumbling profits and the departure of its CEO.
Wessanen's underlying revenues fell 3.2% to EUR702.5m in 2009 but the company swung to an operating loss of EUR44.4m - compared to an operating profit of EUR37.1m in 2008 - as impairment charges in the fourth quarter hit earnings.
In a bid to revitalise its business, Wessanen has stated its ambition to quit the US, sold operations on both sides of the Atlantic and set out its stall to be the "organic food champion" in Europe.
CEO Frans Koffrie said: "2009 was a year of considerable change and transformation for Wessanen. The management team provided a new strategic direction for the company, since it was apparent that our various operations lacked synergies. The main goal has been to re-establish focus."
Koffrie added: "Our priorities for 2010 - which will be a year of investments - are clear. We are strengthening the core by centralising our sourcing functions, harmonising and supporting our brands and investing in IT and process improvements. From 2011 onwards, we aim to utilise in full the healthy prospects for the organic food markets and to grow at least in line with the market."
Click here for the full earnings release from Wessanen and check back later for coverage of the company's analyst meeting in Amsterdam.
Sectors: Frozen, Natural & organic
Companies: Wessanen
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